Quarter Results

For the quarter ended June 30, 2012, consolidated net revenue totaled $34.6 million compared to $35.6 million for the same prior year period, resulting in a decrease of $1.0 million or 3%. Our radio segment net revenue decreased $0.9 million or 3%, primarily due to national and network sales, offset by increases in barter, interactive and local sales. The decrease in national and network sales occurred throughout most of our markets. The increase in barter and interactive sales also occurred throughout most of our markets. The increase in local sales occurred in our New York and Los Angeles markets. Our television segment net revenues decreased $0.1 million or 2%, primarily as a result of decreases in national and local spot sales and integrated sales, offset by increases in paid-programming, sub-channel rental revenue, barter and interactive sales.

OIBDA, a non-GAAP measure, totaled $11.5 million compared to $13.1 million for the same prior year period, representing a decrease of $1.6 million or 12%. Our radio segment OIBDA decreased $2.7 million or 16%, primarily due to the decrease in net revenue of $0.9 million and an increase of station operating expenses of $1.8 million. Radio station operating expenses increased mainly due to local and national commissions, advertising, barter expense, and compensation and benefits, offset by a decrease in music license fees. Our television segment OIBDA (loss) decreased $0.7 million or 37%, primarily due to the decrease in station operating expenses of $0.8 million. Television station operating expenses decreased primarily due to a decrease in originally produced programming costs and a reduction in broadcasting rights fees related to our former New York and Puerto Rico outlets. Our corporate expenses decreased by $0.4 million or 19%, primarily a result of a decrease in professional fees. Please refer to the Non-GAAP Financial Measures section for a definition and reconciliation from a non-GAAP to GAAP financial measure.

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